CoreCap Advisors LLC Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

CoreCap Advisors LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,847 shares of the natural resource company’s stock after selling 794 shares during the quarter. CoreCap Advisors LLC’s holdings in Freeport-McMoRan were worth $108,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Freeport-McMoRan by 1.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 160,920 shares of the natural resource company’s stock worth $6,128,000 after buying an additional 2,503 shares during the last quarter. Czech National Bank boosted its stake in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock worth $11,864,000 after buying an additional 18,852 shares during the last quarter. City State Bank boosted its stake in shares of Freeport-McMoRan by 1,282.0% in the fourth quarter. City State Bank now owns 1,382 shares of the natural resource company’s stock worth $53,000 after buying an additional 1,282 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Freeport-McMoRan by 11.1% in the fourth quarter. Wedmont Private Capital now owns 16,726 shares of the natural resource company’s stock worth $652,000 after buying an additional 1,665 shares during the last quarter. Finally, Moody National Bank Trust Division purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth about $355,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $39.47 on Wednesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market cap of $56.72 billion, a PE ratio of 30.60, a P/E/G ratio of 0.87 and a beta of 1.65. The stock has a 50 day moving average price of $36.35 and a 200 day moving average price of $39.07.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.52%. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FCX. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.09.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.